Fitch Affirms Kazakhstan’s BBB Sovereign Credit Rating with Stable Outlook
International credit rating agency Fitch Ratings has affirmed Kazakhstan’s sovereign credit rating at BBB with a Stable Outlook, according to Kazakhstan’s Ministry of National Economy.
According to Fitch, the rating is supported by Kazakhstan’s strong external position, substantial net foreign assets, and low level of government debt. The agency noted that higher oil prices in 2026 are expected to further strengthen the country’s external position.
Foreign currency assets held by Kazakhstan’s National Fund reached US$66.4 billion at the end of May 2026. Fitch stated that Kazakhstan’s net foreign asset position is expected to remain among the strongest of countries with comparable credit ratings.
The agency also reported that Kazakhstan’s gross international reserves reached US$67.6 billion in May 2026. According to Fitch, elevated gold prices have contributed significantly to the growth of the country’s reserves.
Fitch forecasts that Kazakhstan’s government debt will remain at around 23% of GDP in both 2026 and 2027.
The agency further noted that Kazakhstan’s economy expanded by 6.5% in 2025, with growth supported across multiple sectors, including a significant increase in transport activity. Fitch expects non-oil sectors, particularly transportation, manufacturing, and services, to continue supporting economic activity over the medium term.
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